Panel Will Seek Rescue For Historical Society

By DOUGLAS C. McGILL

Published: August 14, 1988

A committee of influential businessmen, arts administrators and educators has been formed to rescue the New-York Historical Society from a financial and management crisis that threatens the survival of the 184-year-old institution.

In addition, Barbara Knowles Debs, an art historian who is known for her financial acumen as president of Manhattanville College from 1975 to 1985, has been named interim director of the society. She replaces James B. Bell, the director since 1982, who resigned last month after the institution's financial crisis came to light and after The New York Times disclosed that many of the society's possessions had been rotting in warehouses.

The 11-member committee, chosen by the society's board of trustees and several advisers, will be led by John D. Macomber, former chief executive of the Celanese Corporation, and will include Richard Ravitch, chairman of the New York City Charter Revision Commission; Ellen Futter, president of Barnard College; Vartan Gregorian, president of the New York Public Library, and Eugene Keilin, an investment banker with Lazard Freres and a director of the Municipal Assistance Corporation. Defending a Treasure

''We're not about to let this municipal and national treasure go bust,'' Mr. Macomber said.

''You don't mobilize such public persona unless you mean business,'' said Dr. Gregorian, whose fund-raising skills have helped to revitalize the New York Public Library.

In June the society dismissed nearly a fourth of its staff, closed some gallery space and shortened visiting hours to avoid bankruptcy and the closing of the institution. The trustees were widely criticized by museum professionals from around the country, however, after they announced their intention to replenish the society's endowment by selling works from its art collection at public auction.

Mr. Macomber said the committee's first task would be to insure the society's immediate survival, which he hoped to accomplish through successful pleas to individual and corporate philanthropies. But over the next three to six months, he said, the committee intends to fashion a long-term master plan for the society. Concern for an Institution

In interviews, several of the advisory committee members stressed their commitment to saving the institution even as they expressed their concerns. The society's museum at Central Park West and 76th Street is the oldest in New York State and is an institution renowned for its library, paintings and silver.

Mrs. Debs, who played an important role in helping Manhattanville College overcome serious financial troubles in the mid-1970's, said of her role as acting director: ''One of my top priorities is to get out there and raise a lot of money. I'm willing to throw myself on the mercy of the public. I'm willing to ask that people give money as an act of faith.'' An Earlier Resignation

Mrs. Debs taught art history at Manhattanville before becoming its president in 1975. She served on the historical society's board from 1985 to 1987, when she resigned because of dissatisfaction with the board's direction.

Last month, after reports in The New York Times that hundreds of paintings owned by the society had suffered severe deterioration in a warehouse in New Jersey, the New York State Attorney General, Robert Abrams, began an investigation of the society's stewardship of its collection, as well as its financial management.

The society's desperate financial situation was caused by many years of huge deficits that were paid for with money from the society's endowment, according to interviews with Mr. Bell and many trustees.

Last year, with yearly expenses of $5.8 million, the society showed a deficit of $3.5 million. The market value of the society's endowment dropped from $12.4 million last year to around $7.6 million now, in part because of covering the deficit and in part because of the stock market collapse last October. Further Cuts Threatened

When the initial staff and service cuts were made in June, the society announced that if it could not raise around $20 million within a short time, further cuts would be necessary.

In recent weeks, many art and architectural groups, scholars and others have expressed concern about the museum and called for action from New York City or New York State to protect the collection and insure its accessibility to the public.

Under New York State law, the Attorney General has broad powers to oversee the management of charitable institutions, which include museums. If, upon investigation, the Attorney General determines that a museum's management has not met its public trust, he can seek a court order dissolving its management and establishing new leadership, either public or private.

The other members of the advisory committee to the New-York Historical Society are: Roger Kennedy, 62, director of the National Museum of American History, in Washington. Sherman Lee, 70, former director of the Cleveland Museum of Art. John Sawyer, 71, former president of the Andrew W. Mellon Foundation and former president of Williams College. Richard Shinn, 70, executive vice chairman of the New York Stock Exchange and former chairman and chief executive of the Metropolitan Life Insurance Company. Lisa Taylor, 55, director emeritus of the Cooper-Hewitt Museum, in New York City. Bernard Harleston, 58, president of City College.